Credit consolidation services

[faheemjimmy]

Payplan are fine, I am with them.

I do recommend that you visit www.iva.com for a list of companies and speak to a couple of them.

I would not be touching CCS with a barge pole.

dear kallis3,

hope you are fine, need your advise about pay plan , is this reliable company and as you are on iva with them , after one year did ur contribution goes up or you are happy , as i have been told by ccs that iva completion of 5 years creditors dont cleared debt , its up to them , and all my iva payments towards creditors doesnot actually goes towards my creditors , iva company keep into their pockets, can you advise how iva works actually and pay plan , how is this pay plan company reputation and your experience with them, i owed £36500 and i have got 8 creditors in total , 2 loans and 6 others credit cards and store cards , did u pay any upfront fees to pay plan to set up your iva , and how do you know that your money is going to your creditors, plese be advised to me , i will thankful to you , thanks , mr abdullah ,

[kallis3]

Payplan are fine, I have no problems with them.

Money paid towards your IVA goes to the creditors minus your fees to the company you choose to represent you, and those fees are decided by the creditors.

Once the IVA is completed then any remaining debt is written off.

With most IVA companies you do not pay upfront fees. I didn't. I know that Payplan are trustworthy and that I am paying back what I can to my creditors.

[Broke of London]

Hi Fahermjimmy, the people you spoke to sound like conmen. Kallis will be back to speak about Pay Plan but you do normally pay for an IVA. It is factored into your monthly repayment and there are no upfront fees. Your payments may go up or down in the second year depending on what you can afford to pay. Any outstanding debt is written off after 5 years. CCS are lying to you. If you have signed a contract with CCS the worst that can happen is that you include this in your debt in the IVA.

[Broke of London]

Hi, there is no best IVA company but there are lots of very good ones. The experts on here come highly recommended and Melanie Giles has already posted on this thread. I am happy with Vardan Nuttall and I'm sure Kallis wouldn't stand for any nonsense with Pay Plan.

[faheemjimmy]

i will call ccs and speak to them on monday , and ask them that i dont want their service, they promised me that all the interest charges will be stopped annd all the accounts will be closed, what iam worried about that if my iva will not approved then i will be in trouble too,

[kallis3]

Please speak to another couple of recommended companies today.

In an IVA then all charges and interest will be stopped.

You do need to pick a good company though and ccs do not sound as though they have your best interests at heart.

I've seen the website and the advice is not good.

[MelanieGiles]

Especially when they don't even know what IVA stands for!

[kallis3]

Have you seen the website Mel? I can send you the link if you like.

[Broke of London]

Hi FJ, it sounds like you aren't getting a debt solution at all...they are giving you another loan. They are buying your debts and you will then owe them the money. This is not a proper debt solution and I am very worried for you as you may end up in even bigger debt. And these people will get nasty when you can't repay them! Please speak to someone urgently. Mel's contact details are on her posts and Pay Plan are very reputable.

Mel, is there any way of checking with the FSA, OFT or Consumer Credit Licence people what business the CCS are licenced to carry out, whether they hold appropriate licences and whether there are any complaints or sanctions against them?

[kallis3]

I think the majority of companies do have a licence. I imagine CCS will have one.

[Broke of London]

I've just seen their site and they are licensed "debt adjusters". I don't know what these are but I'm getting really upset by this situation. It doesn't stack up and every new revelation gets worse. Closing down accounts?!?!

[kallis3]

I have no idea how they operate. They obviously do have a licence but they are not a good company to deal with.

[Broke of London]

They don't say they hold a consumer credit licence so assuming they don't, I think that means they can't hold client monies...so they must be buying and restructuring the debt. And their whacking great "monthly fee" equates to 40ish% interest! As they say...it improves cash-flow. Doesn't actually reduce the debt tho.

[MelanieGiles]

I am sure that this firm will be picked up by the OFT in their regular sweeps - however if the original poster wishes to he can make a specific complaint to them directly.

[kallis3]

I'm emailing you the website Mel.